The Department of Housing and Urban Development has claimed changes to reverse mortgages will protect borrowers from eating up their equity

April 3, 2012 – Finale Document Services, a document preparation and content provider combining long-standing knowledge in mortgages with financial services, software development, and regulatory compliance expertise, is proud to introduce the addition of reverse document packages in Spanish. With the Hispanic reverse homebuyer market gaining speed, there is no better time to embrace this paradigm shift and begin tapping into this emerging market. Finale leads the way by dynamically creating documents quickly while now accelerating the document generation and delivery process in Spanish as well as English.

It is no secret that the Hispanic growth over the last decade has accounted for nearly half of the United States’ growth, and as such, this population is poised to become the next powerhouse. With major players recently exiting the reverse space, there is no better time for lenders to gain market share in the reverse channel. For long-term success, it is equally important to embrace the Hispanic community by catering to their specific needs in order to continue to deliver on world-class customer service. One of the most profound ways to take on this shift is to offer documents in Spanish.

Finale Document Services supports complete HECM Initial Disclosure and Closing Packages in both English and Spanish for both static text and variable data (loan amount, date, rate etc.). Unlike document providers who use state-side translation companies, Finale documents were translated by a local Puerto Rico Law Firm and are fully compliant with Puerto Rico’s Reverse Mortgage Consumer Protection Act (Law No 164). Finale has also established relationships with state-side law firms to support the translation of the legal documents for other states into Spanish. Jacob Petersen, executive vice president of Finale Document Services, stated, “Finale allows data exports to flow seamlessly from your LOS into Finale, populating appropriate fields within the extracted information and instantly creating packages to print, save, or securely deliver electronically. The addition of reverse Spanish documents within the Finale offering will allow our customers to embrace new markets and tackle a largely underserviced community in a way that will allow for increased customer satisfaction while utilizing the most advanced document preparation and delivery solution on the market today.”